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Rupee rises 28 paise vs dollar as crude falls and Middle East tensions ease

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The Indian Rupee strengthened by 28 paise against the US dollar when markets opened on Monday. The gains were driven by a drop in crude oil prices to around $92 per barrel and a broadly weaker dollar. Reduced tensions between the US and Iran in the Middle East helped improve global investor sentiment. Rising domestic equity markets provided additional support to the rupee. However, foreign institutional investors had remained net sellers of Indian equities in the previous trading session on Friday.

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